USD/JPY: Room for further range bound in the near term – UOB

Pablo Piovano FXStreet

Further consolidation in USD/JPY, likely within the 128.00-130.80 range now appears likely in the near term, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: “After rising to a high of 130.58, USD pulled back sharply and closed at 129.59 (-0.43%). The pullback has room to extend but is unlikely to break the support at 128.00 (there is another support at 128.50). Resistance is at 129.75, followed by 130.10.”

Next 1-3 weeks: “Sharp pullback in USD/JPY is likely to extend to the 55-week exponential moving average near 131.40. (dated 02 Dec 2022, 136.50).”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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